The benchmark indices ended with major losses after a volatile session on Friday. The Nifty settled below the 19,350 mark after hitting the day's high of 19,523.60 in morning trade. Media, PSU bank and auto stocks advanced while FMCG, realty and private bank stocks corrected.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 505.19 points or 0.77% to 65,280.45. The Nifty 50 index lost 165.50 points or 0.85% to 19,331.80.
In the broader market, the S&P BSE Mid-Cap index slipped 0.76% while the S&P BSE Small-Cap index declined 0.28%.
The market breadth was negative. On the BSE, 1,501 shares rose and 1,966 shares fell. A total of 113 shares were unchanged.
New Listing:
Shares of Ideaforge Technology closed at Rs 1,295.50 on the BSE, representing a premium of 92.78% compared with the issue price of Rs 672.
The scrip was listed at a price of Rs 1,305.10, at a premium of 94.21% as compared to the issue price.
So far, the stock has hit a high of 1,344 and a low of 1,257.80. On the BSE, over 6.50 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Media index surged 3.91% to 1,895.55. The index jumped 8.83% in six trading sessions.
Zee Entertainment Enterprises (up 8.63%), PVR Inox (up 4.58%), Dish TV India (up 3.44%), Network 18 Media & Investments (up 1.18%), TV18 Broadcast (up 0.77%) and Hathway Cable & Datacom (up 0.32%) gained.
On the other hand, Navneet Education (down 1.28%), New Delhi Television (down 0.97%) and Sun TV Network (down 0.44%) edged lower.
Stocks in Spotlight:
Reliance Industries (RIL) fell 0.42%. The National Company Law Tribunal, Mumbai Bench (NCLT), has sanctioned the Scheme of Arrangement between RIL and its shareholders and creditors & Reliance Strategic Investments Limited. The company and Reliance Strategic Investments Limited will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments Limited.
Titan Company rose 1.06%. The company recorded revenue growth of 20% YoY for Q1 FY24 with all key consumer businesses exhibiting double digit growth in the quarter. Jewellery Division rose 21 % YoY in Q1 FY24.
Tata Motors advanced 2.94% after the company said that Jaguar Land Rover (JLR) has recorded 30% growth in wholesales to 93,253 units in Q1 FY24 over Q1 FY23. Wholesales volumes were slightly lower (down 1%) compared to the prior quarter ending 31 March 2023 reflecting shipping schedules, while production was up quarter on quarter.
Dabur India slipped 3.28%. The company said that the trends in both urban and rural India had shown signs of improvement during the quarter, primarily due to reduction in inflation. The company said that its consolidated business, including recently acquired Badshah Masala, is expected to register growth exceeding 10%.
Tata Steel declined 0.93%. Tata Steel India crude steel production stood at 5.01 million tons in Q1 FY24, , with a growth of 2% YoY primarily driven by ramp up at Neelachal Ispat Nigam Limited. Production was lower QoQ on planned maintenance shutdowns. Deliveries at 4.8 million tons were higher by 18% on YoY basis, driven by rise in domestic deliveries.
Kalyan Jewellers India rallied 4.61% after the company's consolidated revenue growth for the Q1 FY24 was around 31% as compared to the same period in the previous financial year.
FSN E-Commerce Ventures (Nykaa) shed 2.40%. The company expects its consolidated revenue for Q1 FY24 to grow in the mid-twenties on year on year (YoY) basis. The firm added that its BPC business NSV for the quarter is expected to grow in the early twenties YoY. This is supported by strong urban demand in the category.
Olectra Greentech jumped 18.02% after consortium of the company and Evey Trans has received Letter of Intent (LOI) from Maharashtra State Road Transport Corporation (MSRTC) to supply 5,150 electric Buses.
Suzlon Energy rose 1.36% after the company announced that its board has approved the conversion of 1.59 crore partly paid-up equity shares aggregating to Rs 3.97 crore.
Global Markets:
Markets in Europe traded mixed while Asian stocks tumbled on Friday after Wall Street sold off on stronger-than-expected U.S. jobs data, leaving room for more rate hikes ahead by the Federal Reserve.
U.S. Secretary of Treasury Janet Yellen is in Beijing for a four-day trip to meet Chinese officials, marking a deepening thaw in ties between the U.S. and China.
Wall Street's main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates.
Companies created far more jobs than expected in June, payroll processing firm ADP reported Thursday. Private sector jobs surged by 497,000 for the month. May's total was revised lower to 267,000, down 11,000 from the initial estimate.
The number of Americans filing new claims for unemployment benefits increased moderately last week. Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday.
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